Bitcoin mining firm Poolin has filed for Chapter 11 bankruptcy alongside its U.S. affiliates as it seeks to auction two mining sites in West Texas. The company has secured a $52 million opening bid from Thor CALAP LLC and plans to use the proceeds to repay creditors, including 11,700 wallet customers owed $163.7 million. Once the world’s largest Bitcoin mining pool, Poolin struggled after China’s 2021 mining ban, the 2022 crypto market downturn, and rising energy costs.
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